615 Martin Luther King Jr Way, Tacoma, WA 98405 (MLS # 2562234)
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Exceptional turnkey investment opportunity in the heart of Downtown Tacoma near Wright Park! Fully renovated, this property functions as a tri-plex while maintaining its legal duplex status, offering two spacious 3-bedroom units, plus a finished lower-level 2-bedroom unit for additional income potential. All three units have been extensively updated and are currently vacant, providing flexibility for investors seeking market rents or owner-occupants looking to offset their mortgage with rental income. Three separate electric meters allow tenants to pay their own electricity, helping reduce operating expenses. The property also offers outstanding future upside with potential to construct a Detached Accessory Dwelling Unit (DADU) in the rear yard, creating the opportunity for a 4th additional income-producing unit. A freshly improved backyard, alley access, and three dedicated parking spaces further enhance the property's functionality and appeal. Located amongst major hospitals, medical facilities, transit, the Tacoma Link light rail, downtown Tacoma, and major commuter routes, this is an ideal location for healthcare professionals, commuters, and long-term tenants alike. A rare opportunity to acquire a move-in-ready investment property with immediate cash flow potential and future development possibilities. Buyer to verify all redevelopment, zoning, and DADU potential. Approx. 11.6% cap rate, $84,000 gross annual income, and $7,000/month in rental income.
| LAST UPDATED | 7/30/2026 | TRACT | Stadium District |
|---|---|---|---|
| YEAR BUILT | 1892 | COMMUNITY | Stadium District |
| COUNTY | Pierce | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | 20 - North Tacoma |
| CONSTRUCTION | Wood Siding |
| HEAT | Electric, Wall Furnace |
| LOT | 3511 sq ft |
| LOT DESCRIPTION | Alley, Curbs, Paved, Sidewalk |
| MLS STATUS | Active |
| STORIES | 3 |
| STYLE | 53 - Tri-plex |
| SUBDIVISION | Stadium District |
| TAXES | 4371.06 |
| UTILITIES | Sewer Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Bay, City |
| WATER | Public |
| ZONING | Multi-Family |
TOTAL MONTHLY PAYMENT
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Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 7/31/26 11:11 AM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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